Uber loses $1bn in three months as growth slows

Uber has reported a quarterly loss of $1.07bn (£820m) as it pumped money into bikes, scooters and food deliveries.

July to September's losses were $177m (£136m) higher than the quarter from April to June - and come as the ride-hailing giant prepares for a keenly anticipated flotation next year.

Revenue rose 5.4% over the third quarter and gross bookings increased by 6% to reach $12.7bn (£9.78bn), but these figures represent a slowdown in growth when compared with the same period a year ago.

It was the third quarter in a row that Uber's quarter-on-quarter bookings growth has remained in single digits after double-digit growth through the whole of 2017.

The company, based in San Francisco and valued at $76bn (£58.5bn), is seeking to expand in the haulage, food delivery and electric bikes markets as growth slows in its ride-hailing app, which is now a decade old.

Uber faces pressure to show it can still grow enough to become profitable as it prepares for an initial public offering some time next year.

Chief (Taiwan OTC: 3345.TWO - news) financial officer Nelson Chai said: "We had another strong quarter for a business of our size and global scope."

He emphasised the importance of "high-potential markets in India and the Middle East where we continue to solidify our position".

In the UK, Uber has faced controversy over drivers' rights and a bruising battle over its London licence after failings in the way it operates identified by the capital's transport authorities.